8-KLeadership ChangesExhibits & Filings

FLEX LTD. 8-K Report, Executive Changes (Jan 14, 2008)

Filed January 14, 2008For Securities:FLEX

Summary

This 8-K filing from Flextronics International Ltd. (FLEX) on January 14, 2008, announces significant changes to its Board of Directors. Michael E. Marks has retired from the Board, and H. Raymond Bingham has been appointed as the new Chairman of the Board. Additionally, Willy C. Shih, Ph.D., has joined the Board as an independent director. These changes are effective as of January 10, 2008. Dr. Shih's appointment comes with a defined compensation package for non-management directors, including annual cash compensation, stock options, and stock bonus awards. The filing also reiterates the company's commitment to director indemnification and liability insurance. Investors should note these leadership transitions as they may influence strategic direction and corporate governance.

Key Highlights

  • 1Michael E. Marks retired from the Board of Directors as of January 10, 2008.
  • 2H. Raymond Bingham has been appointed as the new Chairman of the Board.
  • 3Willy C. Shih, Ph.D., was appointed as an independent director to the Board.
  • 4Dr. Shih's compensation package includes annual cash compensation of $60,000.
  • 5Dr. Shih will receive an initial grant of 25,000 stock options upon appointment.
  • 6Dr. Shih is eligible for annual grants of 12,500 stock options and a $100,000 stock bonus award annually.
  • 7The company has standard indemnification agreements and D&O insurance for its directors.

Frequently Asked Questions

The filing announces the retirement of Michael E. Marks from the Board of Directors and the appointment of H. Raymond Bingham as the new Chairman of the Board. Additionally, Willy C. Shih, Ph.D., has joined the Board as an independent director.

Dr. Shih will receive an annual cash compensation of $60,000, an initial grant of 25,000 stock options, annual grants of 12,500 stock options, and an annual stock bonus award valued at $100,000. His options will vest over time.

Yes, the company has standard indemnification agreements with its directors to the maximum extent permitted by Singapore law and maintains a policy of directors' and officers' liability insurance.

At the time of this filing, Dr. Shih had not yet been appointed to serve on any committee of the Board of Directors.